<p>Fracturing–flooding is an effective measure to enhance flow channels in low-permeability oil reservoirs. However, it is still in the exploratory stage, with a lack of numerical simulation research. This paper establishes a fluid–solid coupling model suitable for fracturing–flooding at the reservoir scale. The model uses the displacement discontinuity method (DDM) and the black-oil model to conduct simultaneous tracking of the fracture propagation and fluid flow in the reservoir. The accuracy of the proposed model is validated by comparing its results with data from the KGD and PKN models and the field. This paper explores the advantages of fracturing–flooding and its influencing factors. The results demonstrate that fracturing–flooding can increase oil production and reduce water cut under the influence of artificial fractures, resulting in a 1.13 times higher cumulative oil production compared to water flooding. In addition, fracturing–flooding is particularly suitable for reservoirs characterized by suboptimal permeability conditions or strong heterogeneity. However, its effectiveness is diminished in reservoirs with well-developed natural fractures. The case studies in this paper reveal that a cumulative injection volume equivalent to 6% of the reservoir pore volume is reasonable. Furthermore, oil displacement agents enhance the effectiveness of fracturing–flooding by expanding the pressure influence and reducing injected water breakthrough. Overall, this research provides valuable technical support for the design and implementation of fracturing–flooding.</p>